Lubbock Times

The Conference Board has released its Leading Economic Index (LEI) report for September 2024, revealing a decline of 0.5 percent to 99.7. This follows a 0.3 percent decrease in August and marks a continued downward trend over the past year. From March to September 2024, the LEI fell by 2.6 percent, which is greater than the previous six-month decline of 2.2 percent from September 2023 to March 2024.

House Budget Committee Chairman Jodey Arrington commented on the recent LEI figures, stating: “While Harris continues to tout the Biden-Harris record, the Conference Board’s Leading Economic Index (LEI) demonstrates that our economy remains on a worrisome path." He noted that the LEI's half-percent drop in September could be seen as a "Red Flag," especially given the simultaneous seven-point decrease in consumer confidence during the same month.

Arrington criticized current economic policies, saying: "Biden and Harris’s inflationary spending policies have placed unprecedented financial strain on working families throughout our country. The American people simply cannot afford another four years of the Democrats’ failed fiscal record.”

The LEI serves as an early indicator of potential shifts in business cycles and provides insight into where the economy might be headed in the near future. It is designed to predict turning points in economic activity approximately seven months ahead.

Further details from Chairman Arrington can be found regarding consumer confidence declines and revisions in employment data benchmarks.